IPV Vaccines Market Is Projected To Driven By Growing Immunization Initiatives Globally
IPV or inactivated poliovirus vaccine is an injectable vaccine used for immunization against poliomyelitis or polio. Polio is a crippling and potentially deadly infectious disease caused by the poliovirus. IPV vaccines contain inactivated or "killed" poliovirus that cannot cause polio. They are administered through immunization programs to help build immunity.
The global IPV Vaccines market is estimated to be valued at US$ 188.36 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The IPV Vaccines market is primarily driven by growing global immunization initiatives and investments to eradicate polio. Polio eradication continues to remain a top public health priority for many countries andorganizations. For example, the Global Polio Eradication Initiative,a public-private partnership led by national governments with five partners - WHO, Rotary International, CDC, UNICEF, and Bill & Melinda Gates Foundation - is working closely with countries to immunize over 400 million children worldwide every year with oral polio and inactivated polio vaccines. Such ongoing global campaigns are expected to continue driving the adoption of IPV vaccines. Furthermore, the recent switch from oral polio vaccine (OPV) to IPV in routine immunization across several countries to prevent vaccine-derived polio outbreaks will further aid market growth over the forecast period.
SWOT Analysis
Strength: IPV vaccines have demonstrated high efficacy in preventing polio infection. IPV provides both individual protection as well as population level immunity through herd immunity. IPV administration requires just a few drops taken orally, making administration safe and convenient.
Weakness: IPV vaccines are more expensive to manufacture compared to OPV. As a component of combination vaccines, supply challenges can be experienced when one component experiences a shortage.
Opportunity: With global efforts to eradicate the polio virus through exclusive use of IPV, vaccine manufacturers have an opportunity to scale up IPV production to meet growing global demand. The long term commitment to polio eradication provides revenue visibility and stability.
Threats: New vaccine technologies like recombinant vaccines could emerge as cheaper alternatives, especially for developing nations. Dependence on few manufacturers for supply can disrupt availability if they experience production problems.
Key Takeaways
The global IPV Vaccines Market Share is expected to witness high growth. The market size for IPV Vaccines is projected to reach US$ 461.02 Mn by 2030 from US$ 188.36 Mn in 2023, rising at a CAGR of 8.5% during the forecast period.
North America is expected to hold a significant share of the IPV Vaccines market during the forecast period. This is attributed to the mandatory IPV vaccination guidelines in the United States for all children. Europe is also anticipated to hold a substantial market share owing to high healthcare expenditure and government support for vaccination programs in the region.
Key players operating in the IPV Vaccines market are GlaxoSmithKline Plc, Sanofi S.A., Serum Institute of India Pvt. Ltd., PT Bio Farma, and AJ Vaccines. GlaxoSmithKline Plc is a leading player with itsIPV vaccine brand Pediacel, which is also approved for use as a booster dose for children aged 4-6 years.
For more insights, read- https://dailynewsmotion.weebly.com/report-blog/ipv-vaccines-market-is-projected-to-driven-by-growing-immunization-initiatives-globally
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